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Risk Watch Essentials – December 2022.

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Categories: UncategorizedJanuary 11, 2023
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Categories: UncategorizedJanuary 11, 2023

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Young Accountants Making a Difference

Aiko Wang of Rodgers Reidy was featured in the December/January edition of the CAANZ Acuity Magazine which recognised 20 young chartered accountants in Australia reaching significant achievements and breaking down barriers in their chose careers. A link to the article is below:

20 chartered accountants to watch | Acuity (acuitymag.com)

Rodgers Reidy are leaders in gender equality and diversity and note that 30% of Rodgers Reidy’s Liquidators are female, compared to the industry average of 9%.
The tables and graphs below summarise the data essentials captured from our daily Risk Watch publication, which provides a synopsis of the insolvency market for December 2022.

Small Business Restructuring

During the month of December 2022, 32 companies appointed a Restructuring Practitioner in relation to the Debtor in Possession restructuring process for small businesses.

Rodgers Reidy is the leading appointee for appointments in relation to Small Business Restructuring.  We have achieved excellent results for our clients, restructuring their businesses and saving the vast majority from a formal liquidation or administration. We urge directors to consider this an option and act early.  Feel free to contact your local Rodgers Reidy office to discuss whether this option is right for your clients.

Winding Up applications filed with the Court in December 2022

Winding Up applications Australia NSW VIC QLD WA ACT SA NT TAS
TOTAL (No.) (No.) (%) (No.) (%) (No.) (%) (No.) (%) (No.) (%) (No.) (%) (No.) (%) (No.) (%)
90 20 22 52 58 11 12 2 2 1 1 2 2 1 1 1 1

 

There were seven (7) winding up applications filed by the ATO in December 2022.  This is only a fraction of the number of the winding up applications that the ATO routinely filed prior to the pandemic.

Formal Appointments in December 2022

Formal Appointments Australia NSW VIC QLD WA ACT SA NT TAS
TOTAL (No.) (No.) (%) (No.) (%) (No.) (%) (No.) (%) (No.) (%) (No.) (%) (No.) (%) (No.) (%)
110 324 44 166 23 142 19 50 7 13 2 28 4 2 0 4 1
Court Liquidation 110 42 38 39 35 19 17 8 7 1 1 1 1 0 0 0 0
Creditors’/Members’ Voluntary Liquidation 524 254 48 119 23 75 14 34 6 12 2 25 5 1 <1 4 <1
Voluntary Administration 95 28 29 8 8 48 51 8 8 0 0 2 2 1 1 0 0

 

Rodgers Reidy is one of the foremost providers of insolvency, forensic and reconstruction services to distressed businesses throughout Australia, New Zealand and Asia. With a strong commitment to integrity and the community, Rodgers Reidy provides a professional and quality service, offering innovative, cost effective solutions.  Please contact any of our directors by clicking the appropriate office below for an initial consultation free of charge.

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